Copenhagen: Recently restructured Danish shipping firm Torm has announced that the sale of five of its vessels will see its 2012 losses reach $579m.   

Stavanger: Norwegian gas carrier Solvang ASA today announced improved earnings in the fourth quarter and full year 2012.

VLCCs losing $20,000 a day going west and MR product carriers earning upwards of $20,000 a day on some routes - welcome to the topsy-turvey tanker market!

Kuala Lumpur: Malaysia's MISC Bhd returned to profit in 2012 turning in a net gain of $249.86m recovering from a loss of $574.93m the year before. Revenues however fell to $3.07bn from $3.20bn previously.

Oslo: Frontline today reported a $16.6m loss in the fourth quarter, bringing the year loss to $82.8m.

New York: Nasdaq- listed StealthGas Inc. released its fourth earnings today, announcing profits of $7.8m for the three-month period and $29m for the year.The quarter's earnings are a 77.3% increase on Q4 2011's $3.4m, and the full year profit is...

Lagos: Nigeria Liquefied Natural Gas Company (NLNG) agreed with two banks to secure $1.6bn in funding for six LNG carriers.

Dubai: Gulf Energy Maritime (GEM) has taken delivery of its second aframax product tanker, Gulf Valour, two months after receiving its first, Gulf Vision. The 114,700 dwt vessels, each capable of carrying clean petroleum products and dirty...

Brussels: Exmar and Teekay LNG Partners have successfully closed their 50/50 LPG joint venture and announced and order of up to eight midsize gas carriers with Hanjin Heavy Industries Corporation (HHIC).

Oslo: A slight seasonal uptick in Q4 charter rates was not enough to reverse the fortunes of Odfjell as their net losses for 2012 hit $111m.